Sinopec firms up alliance with Exxon

HONG KONG, China (CNN) --Sinopec Corp. has signed a framework agreement to strengthen its alliance with Exxon Mobil Corp.

The deal, signed at a ceremony in New York on Monday, advances the companies' joint venture projects in Fujian and Guangdong provinces, including a joint-owned refinery and petrochemical complex in Fujian.

The new plans call for a total investment of $3 billion, to expand capacity from 80,000 to 240,000 barrels per day and build and a new ethylene steam cracker processing unit.

The companies are also working toward a joint venture to market fuel to around 600 services stations in Fujian province, to market fuel from the refinery.

The agreement came one day ahead of a trip by Chinese President Jiang Zemin to the United States. Jiang will hold a summit with U.S. President George W. Bush at his Texas ranch.